The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to reduce risk in large cap stocks. Among the index's contributors, Tencent was a major drag, with its shares falling by around 2.3%, putting pressure on the technology sector, which has recently been a driving force behind market gains. Weakness in large cap companies like this typically quickly impacts sentiment due to their significant weighting in...
Gold prices rose on Thursday as U.S. auto tariffs escalated global trade tensions ahead of an April 2 deadline for reciprocal tariffs from the world's largest economies. Spot gold rose 0.4% to $3,030.47 an ounce by 0247 GMT. U.S. gold futures rose 0.5% to $3,036.00. U.S. President Donald Trump on Wednesday announced a 25% tariff on imported cars and light trucks starting next week, widening a global trade war. Investors are concerned that Trump's retaliatory tariffs, expected to take effect on April 2, could stoke inflation, slow economic growth and escalate trade tensions. Concerns over...
Silver (XAG/USD) recovered recent losses from the previous session, trading around $33.70 per troy ounce during Asian hours on Thursday (3/27). The metal gained traction as investors sought safe-haven assets following the announcement of US auto tariffs, which have raised concerns over potential retaliatory measures next week. The risk-off sentiment increased after US President Donald Trump signed an order late Wednesday imposing a 25% tariff on auto imports, effective April 2, with billing starting the following day. However, imports of auto parts will receive a one-month reprieve. In...
GBP/USD recovered its latest losses from the previous session, rising to around 1.2910 during the Asian session on Thursday (3/27). The pair strengthened as the US Dollar (USD) remained pressured by declining Treasury yields, with the 2-year and 10-year yields hovering around 4.0% and 4.34%, respectively. Market participants are closely watching the upcoming US economic data, including the weekly Initial Jobless Claims and the final Q4 Annual GDP report, due later in the day. However, the GBP/USD pair's gains could be capped as risk-averse sentiment increases amid escalating US trade...
The dollar index fell below 104.5 on Thursday, paring gains from the previous session as investors weighed the impact of Trump's new auto tariffs. Late Wednesday, President Trump announced a 25 percent tariff on all imported cars and light trucks, which will go into effect on April 2, along with reciprocal tariffs on countries with levies on U.S. goods—measures he has vowed to maintain during his second term. The escalating trade war has stoked concerns about slower U.S. economic growth and renewed inflationary pressures, unsettling financial markets. U.S. consumer confidence plunged to its...
The Australian Dollar (AUD) remains under pressure against the US Dollar (USD) for the second consecutive day on Thursday, as risk-off sentiment rises amid concerns over impending US auto tariffs. The AUD/USD pair weakened following President Donald Trump's decision late Wednesday to impose a 25% tariff on auto imports, further escalating global trade tensions. The tariffs are set to take effect on April 2, with collection beginning the following day. President Trump suggested plans on Wednesday to impose tariffs on copper imports within weeks, although the Commerce Department initially had...